The Pullman Living and Residences Yerevan complex is being built at Norki Ayginer 180 in Yerevan. It combines high-end residential comfort and international-standard hotel services in the same area as well as an exceptional track record of attracting investments. Scheduled for completion by the end of 2027, the complex is being built in partnership with Accor, one of the world’s leading hospitality groups, and the Armenian company Technotun.

Banks.am spoke with Tigran Mnatsakanyan, Director of Technotun, to learn about the project’s prospects, its impact on the real estate market, and investor expectations.

- Mr. Mnatsakanyan, could you introduce Accor’s Pullman brand?

- Accor is one of the world’s 10 largest hospitality groups, with a headquarters in Paris. Its portfolio includes about 5,600 hotels, 10,000 restaurants and cafes in more than 110 countries. The group boasts one of the most diverse hospitality ecosystems, a broad portfolio of hospitality projects, featuring 51 hotel brands. Pullman is the company’s premium brand, which we are bringing to Armenia through our cooperation with Accor. Today, Pullman is represented in 49 countries.

The concept we are introducing in Armenia under the Pullman brand is relatively new. It is a “living and residence” project, part of which is a 5-star hotel and the other part is a residential complex. The entire residency is maintained and serviced by Pullman.

- What led to the partnership with Accor and the decision to implement the Pullman Living and Residences project in Yerevan? What was the main motivation behind this decision?   

- When we began designing the building, our initial intention was to include high-end recreation areas: swimming pools, a gym, a kids’ club and other amenities typically found in a five-star hotel. One of our consultants recommended that we consider branding the building and aligning it with international standards to ensure that a complex of this scale offers high-quality service.

After discussions with numerous brands, we realized that the most important and decisive factor for us was that the brand served the entire complex. Therefore, we ultimately chose Accor, one of the world’s largest hospitality groups, whose approach aligned with our founder’s vision of providing all residents and guests with equal, premium service.

In some areas, our own requirements and standards were even higher and stricter than those of the brand, as we were committed to creating a truly unique complex. The memorandum of understanding with the company was signed on July 2 of last year, signaling the start of the cooperation. Today, Pullman Living and Residences Yerevan complex is being built entirely in accordance with Accor’s standards and under their supervision, setting a new culture. This is an important experience not only for our company, but also for Armenia’s construction sector, in bringing in new international standards, knowledge, and high requirements.

- According to Alexis Delaroff, Accor’s Chief Operating Officer for New East Europe, the company is introducing something entirely new to Armenia, and “we are one of the leaders in this field.” Could you explain what makes this project so unique?

- The project is so unique because it introduces a new lifestyle. It is designed for people who value their time, enjoy life and want access to a full range of amenities right where they live. Pullman Living and Residences Yerevan will offer an exceptional variety of outdoor and indoor amenities meeting international premium standards.

There will be outdoor and indoor amenities. Outdoor facilities will include an infinity pool, a kid’s pool, basketball, football and volleyball fields, a tennis court, jogging and bike lanes, open playgrounds, walking and relaxation areas, designated spaces for pets. Indoor facilities will include a 500-square-meter state-of-the-art fitness center, a spa spanning over 1,000 square meters with a heated pool, Kid’s Club, Co-working space, a conference hall and meeting rooms, a restaurant and a lounge bar, a beauty salon, a supermarket, and a pharmacy.

Residents will enjoy the following main services: concierge, valet, as well as security and video surveillance. In addition, they will have access to Pullman’s premium À La Carte services such as dry cleaning and laundry, in-residence housekeeping, room service, “While You Are Away” service, for those residents who are away. Thus, residents can enjoy all these services without leaving their home.

Services provided in the hotel section of the building will also be available to primary residents. I think there is currently no other project in Yerevan that combines such a large land area and such comprehensive and multifunctional solutions.

- According to preliminary estimates, the project’s investment budget exceeds $100 million. How is this investment structured?

- The total investment package amounts to $100 million, primarily comprised of the company’s founders’ own funds, bank loans, and the unfreezing of advance payments received from buyers.

Pullman’s role is to support the implementation of the concept in accordance with the company’s high standards, and it will later take on the responsibility of servicing the complex.

- How attractive is Armenia for large-scale investments today? What advantages and risks do you consider when implementing such projects?

- This is a valid point, the sector has experienced developments that, in my opinion, were largely driven by force-majeure sentiments, and there have been significant changes due to the impact of external factors. Nevertheless, over the last decade, Yerevan’s real estate market has continued to demonstrate steady growth. While expert opinions sometimes vary, the current data for 2025 do not indicate significant price declines. According to official data published by the Cadastre Committee of the Republic of Armenia, prices have maintained a positive and relatively stable trend, reflecting continued high demand and investment interest.

There is clearly a need for legislative reforms in the sector to provide greater clarity. While this could create a stir, nevertheless, I would like to point out that in addition to our project, some of the world’s largest players in the hospitality industry are launching several new projects. This bears witness to the fact that despite some uncertainties the market is growing, and the level of confidence in Armenia is rising. Attracting such partners, in turn, creates a more predictable environment for investors.

I hope that in the near future we will see an even more stable environment, which will directly stimulate investment growth. It’s safe to say that the presence of a brand like Pullman in Armenia boosts confidence in the country and conveys a sense of stability and reliability to investors.

- It would be interesting to hear your expert opinion on the Armenian real estate market. We often hear that the construction boom does not meet the demand, while your project seems to demonstrate the opposite. What is actually happening in the market?

- Following the adoption of the legislative package on income tax refunds and the subsequent revitalization of Armenia’s real estate market, a large number of construction permits have been issued, and construction volumes have significantly increased. As a result, the market has become more saturated, offering buyers a wide range of options. This demand has also influenced the growth of tourism and the significant flow of visitors to Armenia in recent years.

Market sentiment certainly has a great influence, but in the case of some individual projects, demand develops differently. Our customers, in addition to Armenia, also come from various European countries, the Russian Federation, and the United States. The majority are ethnic Armenians, which further reinforces the need to maintain the uniqueness of the project. 

- And finally, what do you personally expect from this project as the head of the investment initiative?

- I believe this project will help attract new investments to Armenia. The main unique features of the project are: the strength of the Pullman brand and compliance with international standards, the quality of construction and materials, as well as innovative approaches and the use of advanced technologies.

New jobs will be created after the opening. Recruited and locally trained specialists will join our team, which will also boost the development of the hospitality sector. From a tourism perspective, the “living” concept, designed for medium- and long-term stays, will allow people who have relocated to Armenia for work to find their temporary home here, which in turn will further contribute to an improved investment climate.

Our commitment to an ecologically clean environment was driven by the fact that out of 20,000 square meters, 16,000 will be reserved as green and common areas, where our adopted “no cars” policy will also apply. Furthermore, the complex will have “A” class energy efficiency to create a cleaner environment.

Attaching great importance to corporate social responsibility, we have committed to renovating the road leading to our street, which will be illuminated, asphalted and will have newly built sidewalks. And the above-ground infrastructure cables and pipes have been replaced with underground ones. With our own funds, we have already replaced the water lines of G. Hovsepyan and A. Armenakyan streets. About a year ago, the Yerevan Municipality launched the reconstruction project of former “Norki Ayginer” at the lower part of our property line. About 7 hectares of forest were planted, and we were actively involved in it contributing equipment and manpower.

Tigran Mnatsakanyan was interviewed by Arpi Jilavyan